FILE - Visa credit cards in New Orleans, Aug. 11, 2019. Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending. NEW YORK — Consumers are increasingly struggling to pay their credit card bills, raising concerns about severe delinquencies spiraling and sapping consumer spending.
Those in their 20s and 30s are having the most difficulty paying their credit card bills. Those age groups typically have a mix of less earnings power and lower savings. “While these indicators do not necessarily predict a recession, especially with a robust labor market, a weakening in employment conditions could exacerbate household financial instability,” said Gregory Daco, EY chief economist. “The combination of subdued job growth, sluggish income progression, and diminished savings could lead to increased delinquencies and a potential retrenchment in consumer spending.
Coffee chain Starbucks lowered its sales expectations for the year as people visit its cafes less often, and McDonald’s is offering more deals as people cut back on fast food and eating out.
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